If you are facing vehicle repossession, more than likely you want to do all you can to prevent this from happening. It may surprise you to know that the bank really does not want to repossess your vehicle either. This is good news for you and you should do all you can to discover how to prevent your vehicle from repossession.
The first thing to do is to communicate with your bank. The typical reaction, that most people take, is to avoid the notices and ignore the phone calls. This will only work against you. Falling behind on your responsibility to make your car payments can cause a range of emotions from embarrassment to humiliation and anger.
Declare Bankruptcy, Tacoma Bankruptcy Attorney, Bankruptcy Attorney Miami,
Before your emotions get the best of you, do all you can to deal with the situation the first month you can't make your payment. A lot of people have fallen on hard times the last several years and sticking your head in the sand will not fix the situation.
Ask the bank what your options are for getting caught up on the loan. Sometimes the bank has room to defer a payment to the back end of the loan. Typically they can only do this one or two times but this could give you the time you need to get caught up.
Another way the bank may be able to help you prevent a vehicle repossession is to change the due date of the loan payment. If it is simply an issue with the timing of your paycheck schedule this could help you to make your payments on time.
One other option would be to ask the bank if there is any way to refinance the vehicle giving you a fresh start. If you have fallen behind because of a recent job loss and your previous payment history has been strong, the bank may be willing to re-write the loan. If the current bank refuses to help with this solution, try other lending sources.
If none of these options work, try selling the car yourself and get something for less money. Research the value of your car and do the calculations to find out if this would be a viable choice to help you avoid losing your car. If you can sell your car for more than you owe on it, this would allow you to pay off the loan before they repossess it.
As a last ditch effort, you may want to talk with a bankruptcy attorney and see if filing for bankruptcy is an option for you. Filing for bankruptcy will affect your credit report for the next 10 years, so you want to do all you can to avoid this option if you can. However if you find you are too far behind on all your financial obligations, filing bankruptcy may be the only way to get a fresh start and save your car. Remember to speak with an attorney before choosing bankruptcy to prevent vehicle repossession.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
Rating of Seattle Bankruptcy Lawyer
Get Online Application at online Bankruptcy Lawyer.
0 comments:
Post a Comment